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We've been working to obtain an answer (yes/no) regarding our mortgage application with Princeton Capital (PC) for 35 days. They have repeatedly given us, our realtor, and the seller's realtor assurances that our application is strong and will likely be approved but have failed to make any commitments. The sellers have served us with a notice to perform within 48 hours and we stand to lose the house. Are others experiencing this type of run around with Princeton Capital or other brokers in the San Francisco Bay Area? When do you pull the plug and try to find another lender?
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Start working with another lender immediately and see if the seller will agree to extend the financing contingency.I'm not sure when the contingency should have been removed, but oftentimes you would want to know how long the approval process should have been beforehand.You are in a bit of a tough spot - The seller sounds like they are losing patience (hence the two day notice). You may need to really show the seller you are serious by obtaining another lender approval as quickly as possible.Be communicative and work with all parties as best you can. Do everything you can to show the seller you are serious about getting the home. Consult with your realtor to determine your best strategy and ensure communication to the seller is strong. You need to show the seller you are serious about purchasing the home.Good Luck!
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